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Market Update

Warburg Pincus International Small Company Hits the Skids

Fund slides from first to worst.

The year 2000 has been rough for many funds in the foreign-stock category, but it has been brutal to Warburg Pincus International Small Company . The fund is down more than 28% for the year to date through December 19, 2000, one of the worst losses in the category.

That’s because the managers here buy very small, fast-growing firms and tend to overweight their exposure to the technology and telecom sectors. That hurt when these issues fell from grace in 2000. In the last month or so, they’ve shifted the look of the portfolio a bit, buying business-service firms, such as Proffice and Descartes Systems Group (DSGX), but their commitment to growth remains unchanged.

What does that mean for investors? Click here to get this fund’s Morningstar Take.